Do you need to pay tax on lottery winnings?

how much tax do you pay for lottery winnings
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A Amount to be withheld The Lottery Department shall withhold Virginia income tax at the rate of % on the proceeds from any lottery prize in excess of

Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be withheld in state and local taxes, However, winning the prize requires you to pay taxes on your winnings If you win Rs 10 lakh, you will have to pay a 30% tax on lottery

poker tournaments 2023 Lottery wins are subject to a 30% TDS rate However, the TDS rate increases to % (including surcharge and The CT Lottery is required by law to report and withhold federal income tax on all gambling winnings valued at more than $5,000 (Under certain